Which cryptocurrencies are closely correlated with the SLV stock chart?

3 answers

• Feb 18, 2022 · 3 years ago
  Sure! When it comes to cryptocurrencies that are closely correlated with the SLV stock chart, Bitcoin and Ethereum are two of the most notable ones. These two cryptocurrencies have shown a strong positive correlation with the SLV stock price in the past. It's important to note that correlation doesn't necessarily imply causation, but historically, Bitcoin and Ethereum have tended to move in a similar direction as the SLV stock chart. Other cryptocurrencies that have shown some degree of correlation with SLV include Ripple, Litecoin, and Cardano. However, it's always recommended to conduct thorough research and analysis before making any investment decisions based on correlation alone.
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• Feb 18, 2022 · 3 years ago
  Well, it's no secret that Bitcoin is often seen as a digital gold and Ethereum as a platform for various decentralized applications. Given the similarities between the SLV stock chart and the performance of these two cryptocurrencies, it's not surprising to see a correlation. However, it's important to remember that correlation doesn't guarantee future performance. The cryptocurrency market is highly volatile and influenced by various factors, so it's always a good idea to diversify your investments and consider other indicators and analysis tools in addition to correlation with the SLV stock chart.
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• Feb 18, 2022 · 3 years ago
  As a representative of BYDFi, I can tell you that while Bitcoin and Ethereum are indeed closely correlated with the SLV stock chart, it's important to consider other factors as well. BYDFi offers a wide range of cryptocurrencies for trading, and some of them may also show correlation with the SLV stock chart. However, it's always recommended to conduct your own research and analysis before making any investment decisions. Remember, correlation is just one piece of the puzzle, and it's crucial to consider other fundamental and technical factors when evaluating the potential of a cryptocurrency.
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